Examlex
According to the cost-effectiveness criterion, all polluting sources would abate pollution to the point where their individual marginal abatement cost (MAC) levels were equal.
Adam Smith
An 18th-century Scottish economist and philosopher, best known for his works "The Wealth of Nations," a cornerstone of modern economic theory.
Invisible Hand
A metaphor introduced by Adam Smith to describe the unintended social benefits of individual self-interest actions.
Free Market
An economic system in which prices for goods and services are determined by the open market and consumers, where the laws and forces of supply and demand are free from any intervention by a government, price-setting monopoly, or other authority.
Free Trade Advocates
Individuals or groups who support the removal of trade barriers between countries to facilitate the exchange of goods and services.
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